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Who on here are spreading their savings?

rozeepozee
rozeepozee Posts: 1,971 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
in Savings & investments
I have in excess of the protected £35,000 in one account and am seriously considering putting my money in a range of accounts so as not to exceed the threashold. I know Martin now recommends it but I'm wondering if I'm being a bit neurotic. Who else on here is doing this?
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Comments

  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    Hardly anyone. There are already loads of threads about this.
  • Stavros_3
    Stavros_3 Posts: 1,288 Forumite
    The only account I have reduced to 35k is the B & B
    Liquidity is when you look at your investment portfolio and **** your pants
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Stavros wrote: »
    The only account I have reduced to 35k is the B & B
    You're happy to forego any accrued interest then, should they go under?
  • Apreciar
    Apreciar Posts: 627 Forumite
    There is now no way the FSA can allow B&B to go under. After the support for NR and HBOS and the statements darling is making it would be unthinkable.

    With 6.51% it is only marginally down on KE and with them being Icelandic the government support would not be forthcoming.

    Go with B&B and take the benefits.
    Change is here to stay
  • Stavros_3
    Stavros_3 Posts: 1,288 Forumite
    YorkshireBoy wrote: »
    You're happy to forego any accrued interest then, should they go under?

    IMHO, I don't think they will go under, either a bigger bank will take them on or the Government will take temporary ownership. Either way my monies safe and I am on monthly interest with them, not quite sure what point you are making? :confused:
    Liquidity is when you look at your investment portfolio and **** your pants
  • isofa
    isofa Posts: 6,091 Forumite
    No, I perceive the risk to be minute, so I'm not. I have various accounts spread around, but only for differing rates and terms, not for the protection. I've posted on this many times. Worth a search and read of the discussions on this.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Stavros wrote: »
    Either way my monies safe and I am on monthly interest with them, not quite sure what point you are making? :confused:
    Yes, sorry, I forgot that this account paid monthly interest.

    The point I was making (in general) was, had it been an annual paying account, some people are 'concerned' enough to reduce down to £35K...but 'content' enough to forego any interest earned but not yet paid (because it would have taken them over the £35K limit) should they fold.
  • Stavros_3
    Stavros_3 Posts: 1,288 Forumite
    The way to have got their interest would be to have closed the account completely, interest is then paid on closure.
    Liquidity is when you look at your investment portfolio and **** your pants
  • Sam37
    Sam37 Posts: 117 Forumite
    I do spread (and probably am neurotic :D ). Not so much because of the 35K band, although that is becoming an issue too, but the thought of the stress of not being able to access any significant savings when you might need to if a bank has just gone bust....

    I'd guess you'd not be able to access moneys under the compensation scheme straightaway, so I rather have bits in various places while the red tape is sorting itself out. The interest issue is another thing indeed (mine are mostly annual).
  • rozeepozee
    rozeepozee Posts: 1,971 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Sam37 wrote: »
    I do spread (and probably am neurotic :D ). Not so much because of the 35K band, although that is becoming an issue too, but the thought of the stress of not being able to access any significant savings when you might need to if a bank has just gone bust....

    I'd guess you'd not be able to access moneys under the compensation scheme straightaway, so I rather have bits in various places while the red tape is sorting itself out. The interest issue is another thing indeed (mine are mostly annual).
    My own neuroosis is probably fuelled by the fact that my parents lost their life savings in the BCCI collapse so I have personal experience...
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